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Good morning. Citigroup CFO Mark Mason will step down from his post in early March 2026, the bank announced on Nov. 20, marking another notable leadership transition among Fortune 500 finance chiefs.Mason, who joined Citi in 2001 and became CFO in 2019, will become executive vice chair of Citi and senior executive advisor to chair and CEO Jane Fraser. Gonzalo Luchetti, the bank’s head of U.S. personal banking, will succeed him as CFO. Mason is a “a leader for all seasons” who helped steer Citi through some ...

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CLINTON, N.J., Nov. 20, 2025 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, is pleased to announce the promotion of George Boyan to President, effective January 1, 2026. Mr. Boyan currently serves as Executive Vice President and Chief Financial Officer and has played a pivotal role in the company’s financial strategy and growth. In addition to his new role as President, Mr. Boyan will be appointed to the Boards of Directors of both Unity Bancorp, Inc. and Unity Ban ...

CLINTON, N.J., Nov. 20, 2025 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.15 per common share. Such dividend is payable on December 19, 2025, to shareholders of record as of December 5, 2025. Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.9 billion in assets and $2.3 billion in deposits. Unity Bank, the Company’s wholly owned ...

Financial Performance - Net income for the three months ended September 30, 2025, was $14,390, a 32.4% increase compared to $10,905 for the same period in 2024[10]. - Net income for the three months ended September 30, 2025, was $18,866,000, an increase of 29.8% compared to $14,567,000 for the same period in 2024[12]. - For the nine months ended September 30, 2025, net income reached $55,823,000, up 39.9% from $39,901,000 in the prior year[15]. - Net income for the nine months ended September 30, 2025, was $42,484,000, a 42% increase from $29,945,000 in 2024[23]. - Basic net income per common share increased to $1.43 for the three months ended September 30, 2025, up from $1.09 in 2024, a 31.1% rise[10]. - Basic net income per common share for the nine months ended September 30, 2025, was $4.23, up from $2.98 in 2024, marking a 42% increase[37]. - Diluted net income per common share for the nine months ended September 30, 2025, was $4.15, compared to $2.94 in 2024, also a 41% increase[37]. Asset and Liability Growth - Total assets increased to $2,876,365, up from $2,654,017, representing an 8.4% growth year-over-year[8]. - Total liabilities increased to $2,542,342, up from $2,358,434, reflecting a growth of 7.8% year-over-year[8]. - Total loans increased to $2,468,527, up 9.2% from $2,260,657 as of December 31, 2024[8]. - Total deposits grew to $2,267,484, an increase of 7.9% from $2,100,313 at the end of 2024[8]. - Shareholders' equity rose to $334,023, an increase of 13% from $295,583 at the end of 2024[8]. Income and Expense Analysis - Total interest income for Q3 2025 was $44,361, an increase of 12.5% compared to $39,550 in Q3 2024[10]. - Net interest income after provision for credit losses rose to $29,314, up from $23,776, reflecting a 23.3% increase year-over-year[10]. - Noninterest income for the nine months ended September 30, 2025, was $10,883, compared to $6,553 for the same period in 2024, marking a 66.5% increase[10]. - Total noninterest income for Q3 2025 was $2,967, compared to $2,803 in Q3 2024, reflecting a 5.8% growth[10]. Credit Losses and Provisions - The provision for credit losses on loans was $1,409 for the three months ended September 30, 2025, compared to $1,029 for the same period in 2024, indicating a 36.8% increase[10]. - The provision for credit losses charged to expense for the nine months ended September 30, 2025, was $4,491 thousand, compared to $1,937 thousand for the same period in 2024, representing an increase of approximately 132%[119]. - The allowance for credit losses was $30,245 thousand as of September 30, 2025, compared to $26,788 thousand at December 31, 2024[8]. Comprehensive Income - Total comprehensive income for the three months ended September 30, 2025, was $19,728,000, compared to $15,718,000 for the same period in 2024, reflecting a 25.7% increase[12]. - Total comprehensive income for the nine months ended September 30, 2025, included $275,000 in other comprehensive income, compared to a loss of $115,000 in the same period of 2024[20][23]. Shareholder Information - The company declared dividends on common stock of $0.15 per share for the three months ended September 30, 2025, compared to $0.13 per share in the same period of 2024[17]. - The total number of common shares outstanding as of September 30, 2025, was 10,041,000, slightly down from 10,063,000 a year earlier[17]. Fair Value Measurements - The fair value of the Company's available-for-sale (AFS) debt securities portfolio was $82.1 million, with most classified as Level 2 assets[47]. - The fair value of the Company's equity securities portfolio was $12.7 million, primarily classified as Level 1 assets[49]. - The fair value of loans, net of allowance for credit losses, was $2,422,861,000 as of September 30, 2025, compared to $2,221,706,000 at December 31, 2024, indicating an increase of approximately 9.0%[63]. - The total debt securities available for sale amounted to $82,063,000 as of September 30, 2025, a decrease from $93,884,000 as of December 31, 2024, representing a decline of approximately 12.6%[54]. Economic and Market Conditions - The company continues to assess the impact of macro-economic trends, including inflation and interest rate environments, on its operations[27]. - The company experienced fluctuations in collateral values and general economic conditions, affecting the risk of loss quantification[100].

分组1 - Unity Bancorp reported quarterly earnings of $1.33 per share, exceeding the Zacks Consensus Estimate of $1.28 per share, and up from $1.07 per share a year ago, representing an earnings surprise of +3.91% [1] - The company posted revenues of $32.82 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.20%, and an increase from $27.66 million year-over-year [2] - Unity Bancorp has consistently surpassed consensus EPS estimates over the last four quarters [2] 分组2 - The stock has gained approximately 8.1% since the beginning of the year, while the S&P 500 has increased by 13.1% [3] - The current consensus EPS estimate for the upcoming quarter is $1.30 on revenues of $32.54 million, and for the current fiscal year, it is $4.92 on revenues of $126.29 million [7] - The Zacks Industry Rank for Banks - Northeast is in the top 30% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

[Company Overview & Executive Summary](index=2&type=section&id=Company%20Overview%20%26%20Executive%20Summary) [Company Profile](index=3&type=section&id=Company%20Profile) Unity Bancorp, Inc. is a New Jersey-based financial institution with $2.9B assets, operating Unity Bank across NJ and PA - Unity Bancorp, Inc. is a financial services institution headquartered in Clinton, New Jersey, with approximately **$2.9 billion in assets** and **$2.3 billion in deposits**[9](index=9&type=chunk) - Unity Bank, a wholly-owned subsidiary, provides financial services through its branch network in New Jersey and Pennsylvania[9](index=9&type=chunk) [Q3 2025 & YTD 2025 Financial Performance Overview](index=2&type=section&id=Q3%202025%20%26%20YTD%202025%20Financial%20Performance%20Overview) Q3 2025 net income was $14.4M ($1.41 EPS), down QoQ, but YTD net income reached $42.5M ($4.15 EPS), up YoY Net Income and Diluted EPS | Metric | Quarter Ended September 30, 2025 | Quarter Ended June 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | | :------------------- | :------------------------------- | :-------------------------- | :----------------------------------- | :----------------------------------- | | Net Income (Millions USD) | 14.4 | 16.5 | 42.5 | 29.9 | | Diluted EPS (USD) | 1.41 | 1.61 | 4.15 | 2.94 | - The company opened its **22nd branch in Madison, NJ**, to strengthen community service and deepen relationships in New Jersey[4](index=4&type=chunk) - Recent Federal Reserve interest rate cuts aim to stimulate economic activity, with Unity Bancorp prepared to strengthen customer relationships and expand lending[4](index=4&type=chunk) [Third Quarter 2025 Performance Analysis](index=2&type=section&id=Third%20Quarter%202025%20Performance%20Analysis) [Earnings Highlights](index=2&type=section&id=Earnings%20Highlights) Q3 2025 net interest income rose to $29.9M, NIM increased to 4.54%, non-interest income decreased due to a Q2 one-time gain Q3 2025 Key Earnings Metrics | Metric | Quarter Ended September 30, 2025 | Quarter Ended June 30, 2025 | Change (Millions USD) | Change (%) | | :-------------------------- | :------------------------------- | :-------------------------- | :-------------------- | :--------- | | Net Interest Income (Millions USD) | 29.9 | 28.6 | 1.3 | 4.5 | | Net Interest Margin (%) | 4.54 | 4.49 | +0.05 pp | - | | Provision for Credit Losses (Millions USD) | 1.4 | 1.7 | (0.3) | (17.6) | | Non-Interest Income (Millions USD) | 3.0 | 5.8 | (2.8) | (48.3) | | Non-Interest Expense (Millions USD) | 13.4 | 13.0 | 0.4 | 3.1 | | Effective Tax Rate (%) | 23.7 | 23.4 | +0.3 pp | - | - Net interest income growth was primarily driven by an increase in the yield on interest-earning assets[7](index=7&type=chunk) - The decrease in non-interest income was mainly due to a **$3.5 million one-time gain realized in Q2**, partially offset by increased gains on mortgage loan sales, SBA loan sales, and service and loan fees[7](index=7&type=chunk) [Balance Sheet Highlights](index=2&type=section&id=Balance%20Sheet%20Highlights) Total loans grew 9.2% and deposits 8.0% from YE2024; non-performing loans were 0.83% of total loans Q3 2025 Key Balance Sheet Metrics | Metric | September 30, 2025 | December 31, 2024 | Change (%) | | :--------------------------------- | :----------------- | :---------------- | :--------- | | Total Loans (Millions USD) | 2,468.5 | 2,260.7 | 9.2 | | Total Deposits (Millions USD) | 2,267.5 | 2,100.3 | 8.0 | | Allowance for Loan Losses to Total Loans (%) | 1.23 | 1.18 | - | | Non-Performing Loans to Total Loans (%) | 0.83 | 0.58 | - | | Non-Performing Assets to Total Assets (%) | 0.71 | 0.57 | - | - Total loan growth was primarily driven by increases in commercial and residential mortgage loan categories, partially offset by a decrease in residential construction loans[7](index=7&type=chunk) - Deposit composition included **19.7% non-interest-bearing demand deposits**, **17.4% interest-bearing demand deposits**, **23.7% savings deposits**, and **39.2% time deposits**[7](index=7&type=chunk) - As of September 30, 2025, investments accounted for **4.6% of total assets**, with pre-tax unrealized losses of **$1.9 million** on available-for-sale debt securities and **$6.5 million** on held-to-maturity debt securities[7](index=7&type=chunk) [Other Key Developments](index=3&type=section&id=Other%20Key%20Developments) Shareholders' equity rose to $334M, regulatory capital ratios improved, liquidity remained strong, and quarterly dividend increased Q3 2025 Other Key Metrics | Metric | September 30, 2025 | December 31, 2024 | Change (%) | | :--------------------------------- | :----------------- | :---------------- | :--------- | | Shareholders' Equity (Millions USD) | 334.0 | 295.6 | 13.0 | | Book Value Per Share (USD) | 33.26 | 29.48 | 12.8 | | Leverage Ratio (%) | 12.71 | 12.22 | +0.49 pp | | Common Equity Tier 1 Capital Ratio (%) | 14.45 | 13.90 | +0.55 pp | | Tier 1 Capital Ratio (%) | 14.88 | 14.37 | +0.51 pp | | Total Capital Ratio (%) | 16.13 | 15.62 | +0.51 pp | | Cash and Cash Equivalents (Millions USD) | 203.5 | 180.4 | 12.8 | | Available Funds (Millions USD) | 548.2 | - | - | | Quarterly Dividend (USD/Share) | 0.15 | 0.13 | 15.4 | - Shareholders' equity increased primarily due to **2025 earnings**, partially offset by dividend payments and share repurchase activities[11](index=11&type=chunk) - The company opened a new branch in Madison, New Jersey, in September 2025, bringing the total number of branches to **22**[11](index=11&type=chunk) - In August 2025, Unity Bancorp Inc. announced a **7% increase in its Q3 cash dividend to $0.15 per share**[11](index=11&type=chunk) - Unity Bancorp Inc. ranked **14th among publicly traded banks in the U.S.** in Bank Director's 2025 RankingBanking report[11](index=11&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) [Summary Financial Highlights](index=4&type=section&id=Summary%20Financial%20Highlights) This section summarizes Unity Bancorp's key financial data, including balance sheet, income, performance ratios, and capital ratios Q3 2025 Financial Summary | Metric | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--------------------------------- | :----------------- | :---------------- | :----------------- | | **Balance Sheet Data (Thousands USD):** | | | | | Total Assets | 2,876,365 | 2,928,523 | 2,635,319 | | Total Deposits | 2,267,484 | 2,187,366 | 2,046,137 | | Total Loans | 2,468,527 | 2,382,594 | 2,217,393 | | Shareholders' Equity | 334,023 | 319,840 | 284,257 | | **Quarterly Financial Data (Thousands USD):** | | | | | Net Income | 14,390 | 16,491 | 10,905 | | Diluted EPS (USD) | 1.41 | 1.61 | 1.07 | | **Quarterly Performance Ratios (Annualized):** | | | | | Return on Average Assets (%) | 2.11 | 2.51 | 1.76 | | Return on Average Equity (%) | 17.41 | 21.15 | 15.55 | | Net Interest Margin (%) | 4.54 | 4.49 | 4.16 | | **Year-to-Date Financial Data (Thousands USD):** | | | | | Net Income | 42,484 | - | 29,945 | | Diluted EPS (USD) | 4.15 | - | 2.94 | | **Capital Ratios (%):** | | | | | Leverage Ratio | 12.71 | 12.50 | 11.94 | | Common Equity Tier 1 Capital Ratio | 14.45 | 13.96 | 13.50 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets reached $2.876B, up 8.4% from YE2024, with loans up 9.2%, deposits up 8.0%, and equity up 13.0% Consolidated Balance Sheets (Thousands USD) | Metric | September 30, 2025 | December 31, 2024 | September 30, 2024 | September 30, 2025 vs. December 31, 2024 (%) | | :--------------------------------- | :----------------- | :---------------- | :----------------- | :------------------------------------------- | | **Assets:** | | | | | | Cash and Cash Equivalents | 203,486 | 180,438 | 194,501 | 12.8 | | Total Securities | 131,252 | 145,028 | 143,712 | (9.5) | | Total Loans | 2,468,527 | 2,260,657 | 2,217,393 | 9.2 | | Allowance for Loan Losses | (30,245) | (26,788) | (27,002) | 12.9 | | Net Loans | 2,438,282 | 2,233,869 | 2,190,391 | 9.2 | | Total Assets | 2,876,365 | 2,654,017 | 2,635,319 | 8.4 | | **Liabilities:** | | | | | | Total Deposits | 2,267,484 | 2,100,313 | 2,046,137 | 8.0 | | Borrowed Funds | 231,707 | 220,504 | 266,798 | 5.1 | | Total Liabilities | 2,542,342 | 2,358,434 | 2,351,062 | 7.8 | | **Shareholders' Equity:** | | | | | | Total Shareholders' Equity | 334,023 | 295,583 | 284,257 | 13.0 | - Commercial loans and residential mortgage loans were the primary drivers of total loan growth, increasing by **12.1%** and **7.3%**, respectively[15](index=15&type=chunk) - Time deposits grew by **9.3%**, being the main contributor to deposit growth[15](index=15&type=chunk) [Consolidated Statements of Income (Quarter-to-Date)](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20(Quarter-to-Date)) Q3 2025 net interest income grew 4.5% QoQ to $29.86M; net income was $14.39M ($1.41 EPS), down QoQ but up YoY Consolidated Statements of Income (Quarter-to-Date, Thousands USD) | Metric | Quarter Ended September 30, 2025 | Quarter Ended June 30, 2025 | Quarter Ended September 30, 2024 | Sep 30, 2025 vs. Jun 30, 2025 (%) | Sep 30, 2025 vs. Sep 30, 2024 (%) | | :--------------------------------- | :------------------------------- | :-------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | Total Interest Income | 44,361 | 42,600 | 39,550 | 4.1 | 12.2 | | Total Interest Expense | 14,505 | 14,043 | 14,694 | 3.3 | (1.3) | | Net Interest Income | 29,856 | 28,557 | 24,856 | 4.5 | 20.1 | | Provision for Loan Losses | 1,409 | 1,725 | 1,029 | (18.3) | 36.9 | | Release of Allowance for Credit Losses on Securities | (787) | (2,036) | - | 61.3 | *NM | | Non-Interest Income | 2,967 | 5,815 | 2,803 | (49.0) | 5.9 | | Non-Interest Expense | 13,415 | 13,019 | 12,012 | 3.0 | 11.7 | | Net Income | 14,390 | 16,491 | 10,905 | (12.7) | 32.0 | | Diluted EPS (USD) | 1.41 | 1.61 | 1.07 | (12.4) | 31.8 | - Commercial loan interest income increased by **22.1% year-over-year**, and residential mortgage loan interest income increased by **11.3% year-over-year**[17](index=17&type=chunk) - The decrease in non-interest income was primarily due to a reduction in one-time securities gains from the second quarter[17](index=17&type=chunk) [Consolidated Statements of Income (Year-to-Date)](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20(Year-to-Date)) YTD net interest income rose 18.8% to $85.66M; net income was $42.48M ($4.15 EPS), up 41.9% YoY, driven by securities gains Consolidated Statements of Income (Year-to-Date, Thousands USD) | Metric | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | Change (%) | | :--------------------------------- | :----------------------------------- | :----------------------------------- | :--------- | | Total Interest Income | 127,761 | 115,474 | 10.6 | | Total Interest Expense | 42,097 | 43,353 | (2.9) | | Net Interest Income | 85,664 | 72,121 | 18.8 | | Provision for Loan Losses | 4,491 | 1,937 | 131.9 | | Release of Allowance for Credit Losses on Securities | (2,824) | 646 | (537.2) | | Non-Interest Income | 10,883 | 6,553 | 66.1 | | Non-Interest Expense | 39,041 | 36,124 | 8.1 | | Net Income | 42,484 | 29,945 | 41.9 | | Diluted EPS (USD) | 4.15 | 2.94 | 41.2 | - Commercial loan interest income increased by **20.1% year-over-year**, and residential mortgage loan interest income increased by **10.3% year-over-year**[19](index=19&type=chunk) - The significant increase in non-interest income was primarily attributable to a substantial rise in net securities gains[19](index=19&type=chunk) [Net Interest Margin Analysis](index=8&type=section&id=Net%20Interest%20Margin%20Analysis) [QTD Net Interest Margin (Q3 2025 vs Q3 2024)](index=8&type=section&id=QTD%20Net%20Interest%20Margin%20(Q3%202025%20vs%20Q3%202024)) Q3 2025 NIM improved to 4.54% from 4.16% in Q3 2024, driven by higher asset yields and lower liability costs Quarterly Net Interest Margin Comparison (Thousands USD) | Metric | Quarter Ended September 30, 2025 | Quarter Ended September 30, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | | Average Interest-Earning Assets | 2,609,862 | 2,375,250 | | Interest Income on Interest-Earning Assets | 44,367 | 39,551 | | Yield on Interest-Earning Assets (%) | 6.74 | 6.62 | | Average Interest-Bearing Liabilities | 1,888,738 | 1,749,425 | | Interest Expense on Interest-Bearing Liabilities | 14,505 | 14,694 | | Cost of Interest-Bearing Liabilities (%) | 3.05 | 3.34 | | Net Interest Spread (%) | 3.69 | 3.28 | | Net Interest Margin (%) | 4.54 | 4.16 | - Commercial loan yield increased from **6.60% to 6.86%**, and residential mortgage loan yield increased from **6.15% to 6.38%**[21](index=21&type=chunk) - Savings deposit cost decreased from **2.70% to 2.47%**, and time deposit cost decreased from **4.39% to 3.72%**[21](index=21&type=chunk) [QTD Net Interest Margin (Q3 2025 vs Q2 2025)](index=9&type=section&id=QTD%20Net%20Interest%20Margin%20(Q3%202025%20vs%20Q2%202025)) Q3 2025 NIM slightly increased to 4.54% from 4.49% QoQ, with asset yield marginally up and liability cost stable Quarterly Net Interest Margin Comparison (Thousands USD) | Metric | Quarter Ended September 30, 2025 | Quarter Ended June 30, 2025 | | :--------------------------------- | :------------------------------- | :-------------------------- | | Average Interest-Earning Assets | 2,609,862 | 2,550,061 | | Interest Income on Interest-Earning Assets | 44,367 | 42,603 | | Yield on Interest-Earning Assets (%) | 6.74 | 6.70 | | Average Interest-Bearing Liabilities | 1,888,738 | 1,849,380 | | Interest Expense on Interest-Bearing Liabilities | 14,505 | 14,043 | | Cost of Interest-Bearing Liabilities (%) | 3.05 | 3.05 | | Net Interest Spread (%) | 3.69 | 3.66 | | Net Interest Margin (%) | 4.54 | 4.49 | - Commercial loan yield slightly increased from **6.80% to 6.86%**, and SBA loan yield significantly increased from **7.04% to 8.38%**[24](index=24&type=chunk) - Savings deposit cost increased from **2.24% to 2.47%**, while time deposit cost decreased from **3.86% to 3.72%**[24](index=24&type=chunk) [YTD Net Interest Margin (YTD 2025 vs YTD 2024)](index=10&type=section&id=YTD%20Net%20Interest%20Margin%20(YTD%202025%20vs%20YTD%202024)) YTD NIM improved to 4.50% from 4.09% YoY, driven by increased asset yields and decreased interest-bearing liability costs Year-to-Date Net Interest Margin Comparison (Thousands USD) | Metric | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | | :--------------------------------- | :----------------------------------- | :----------------------------------- | | Average Interest-Earning Assets | 2,546,493 | 2,356,351 | | Interest Income on Interest-Earning Assets | 127,770 | 115,477 | | Yield on Interest-Earning Assets (%) | 6.71 | 6.55 | | Average Interest-Bearing Liabilities | 1,848,879 | 1,741,101 | | Interest Expense on Interest-Bearing Liabilities | 42,097 | 43,353 | | Cost of Interest-Bearing Liabilities (%) | 3.04 | 3.33 | | Net Interest Spread (%) | 3.67 | 3.22 | | Net Interest Margin (%) | 4.50 | 4.09 | - Commercial loan yield increased from **6.49% to 6.79%**, and residential mortgage loan yield increased from **6.00% to 6.30%**[27](index=27&type=chunk) - Savings deposit cost decreased from **2.63% to 2.28%**, and borrowed funds and subordinated debt cost decreased from **3.93% to 3.66%**[27](index=27&type=chunk) [Asset Quality and Loan Portfolio](index=11&type=section&id=Asset%20Quality%20and%20Loan%20Portfolio) [Allowance for Credit Losses and Asset Quality](index=11&type=section&id=Allowance%20for%20Credit%20Losses%20and%20Asset%20Quality) Allowance for credit losses reached $30.245M; non-performing loans were $20.514M (0.83% of total loans), driven by residential mortgages Allowance for Credit Losses and Asset Quality (Thousands USD) | Metric | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--------------------------------- | :----------------- | :---------------- | :----------------- | | Allowance for Credit Losses Balance | 30,245 | 29,012 | 27,002 | | Provision for Loan Losses | 1,409 | 1,725 | 1,029 | | Net Charge-offs | (176) | (364) | (134) | | Total Non-Performing Loans | 20,514 | 15,840 | 13,020 | | Total Non-Performing Assets | 20,514 | 15,840 | 15,879 | | Non-Performing Loans to Total Loans (%) | 0.83 | 0.66 | 0.59 | | Non-Performing Assets to Total Assets (%) | 0.71 | 0.54 | 0.60 | | Allowance for Loan Losses to Total Loans (%) | 1.23 | 1.22 | 1.22 | - The increase in non-performing loans primarily reflects an increase in non-performing 1-4 family residential mortgage loans, which are well-collateralized[11](index=11&type=chunk)[29](index=29&type=chunk) - The allowance for credit losses coverage of non-performing loans was **147.44%**, a decrease from the previous quarter[29](index=29&type=chunk) [Loan Portfolio Composition](index=13&type=section&id=Loan%20Portfolio%20Composition) Total loan portfolio was $2.4685B, with commercial loans at 64.1% and residential mortgages at 27.4% Loan Portfolio Composition (Thousands USD) | Loan Category | September 30, 2025 | % of Total | December 31, 2024 | % of Total | | :-------------------------- | :----------------- | :--------- | :---------------- | :--------- | | Loans Held for Sale | 15,421 | 0.6 | 12,163 | 0.5 | | SBA Loans | 37,537 | 1.5 | 38,309 | 1.7 | | Commercial Loans | 1,582,608 | 64.1 | 1,411,629 | 62.5 | | Residential Mortgage Loans | 676,862 | 27.4 | 630,927 | 27.9 | | Consumer Loans | 82,857 | 3.4 | 76,711 | 3.4 | | Residential Construction Loans | 73,242 | 3.0 | 90,918 | 4.0 | | **Total Loans** | **2,468,527** | **100.0** | **2,260,657** | **100.0** | - Within commercial loans, owner-occupied commercial mortgages and non-owner-occupied commercial mortgages accounted for **26.0%** and **21.3%** of total loans, respectively[34](index=34&type=chunk) - Residential construction loans decreased from **4.0%** of total loans on December 31, 2024, to **3.0%** on September 30, 2025[34](index=34&type=chunk) [Supplementary Financial Data](index=12&type=section&id=Supplementary%20Financial%20Data) [Quarterly Financial Data](index=12&type=section&id=Quarterly%20Financial%20Data) This section details Unity Bancorp's quarterly financial data, including income, stock, performance, balance sheet, and credit quality Summary of Quarterly Financial Data (Thousands USD) | Metric | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | | :--------------------------------- | :----------------- | :---------------- | :----------------- | :---------------- | :----------------- | | Net Income | 14,390 | 16,491 | 11,598 | 11,505 | 10,905 | | Diluted EPS (USD) | 1.41 | 1.61 | 1.13 | 1.13 | 1.07 | | Book Value Per Share (USD) | 33.26 | 31.88 | 30.38 | 29.48 | 28.48 | | Return on Average Assets (%) | 2.11 | 2.51 | 1.83 | 1.83 | 1.76 | | Return on Average Equity (%) | 17.41 | 21.15 | 15.56 | 15.77 | 15.55 | | Efficiency Ratio (%) | 41.47 | 42.31 | 42.89 | 44.44 | 44.23 | | Net Interest Margin (%) | 4.54 | 4.49 | 4.46 | 4.37 | 4.16 | | Non-Performing Assets (Thousands USD) | 20,514 | 15,840 | 17,990 | 15,046 | 15,879 | | Leverage Ratio (%) | 12.71 | 12.50 | 12.32 | 12.22 | 11.94 | - The company added one banking office in Q3 2025, increasing full-time equivalent employees to **238**[31](index=31&type=chunk) [Quarterly Non-GAAP Reconciliation](index=14&type=section&id=Quarterly%20Non-GAAP%20Reconciliation) This section reconciles non-GAAP financial measures for Q3 2025, Q2 2025, and Q3 2024, excluding non-recurring transaction impacts Quarterly Non-GAAP Reconciliation (Thousands USD) | Metric | Quarter Ended September 30, 2025 | Quarter Ended June 30, 2025 | Quarter Ended September 30, 2024 | | :--------------------------------- | :------------------------------- | :-------------------------- | :------------------------------- | | Net Income (GAAP) | 14,390 | 16,491 | 10,905 | | Less: Release of Allowance for Credit Losses on Securities | (787) | (2,036) | - | | Less: One-time Net Securities Gains | - | (3,509) | - | | Less: Unrealized Net Securities Gains | (218) | - | - | | Add: Adjusted Income Tax Provision | 238 | 1,301 | - | | Adjusted Net Income (Non-GAAP) | 13,623 | 12,247 | 10,905 | | Adjusted Diluted EPS (Non-GAAP) | 1.33 | 1.20 | - | | Adjusted Return on Average Assets (Non-GAAP) | 2.00 % | 1.86 % | - | | Adjusted Return on Average Equity (Non-GAAP) | 16.49 % | 15.70 % | - | - Non-GAAP adjustments primarily exclude the impact of the release of allowance for credit losses on securities, one-time net securities gains, and unrealized net securities gains[36](index=36&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding future financial performance, subject to risks, uncertainties, and assumptions beyond control - Forward-looking statements are identified by words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions[10](index=10&type=chunk) - Risks and uncertainties involved in these statements include economic conditions, interest rate trends, borrower repayment ability, ability to manage non-performing asset levels, outcomes of regulatory examinations, and the impact of health crises or national disasters[10](index=10&type=chunk)

Core Insights - Unity Bancorp, Inc. reported a net income of $14.4 million, or $1.41 per diluted share, for Q3 2025, a decrease from $16.5 million, or $1.61 per diluted share in Q2 2025. For the first nine months of 2025, net income was $42.5 million, or $4.15 per diluted share, compared to $29.9 million, or $2.94 per diluted share for the same period in 2024 [1][2][4] Financial Performance - The company achieved a return on average assets of 2.11% and a return on average equity of 17.41% for the quarter [2] - The net interest margin expanded by 5 basis points to 4.54%, indicating improved profitability in a changing rate environment [2] - Excluding a one-time event related to the conversion of debt into common shares, the non-GAAP net income was $13.6 million, or $1.33 per diluted share, with a return on average assets of 2.00% and return on average equity of 16.49% [4] Growth Strategies - Loans increased by $85.9 million, or 3.6%, and deposits grew by $80.1 million, or 3.7% during the third quarter, reflecting the company's organic balance sheet growth strategies [3] - The company aims to grow loans and deposits at a mid-to-high single-digit rate, positioning itself well for future growth [3] Strategic Developments - Unity Bancorp opened its 22nd branch in Madison, NJ, enhancing its commitment to local communities and personalized banking solutions [5] - The company converted its remaining debt position in Patriot National Bancorp, Inc. into approximately 2.7 million restricted common shares, contributing $0.8 million to net income for the quarter [4] Company Overview - Unity Bancorp, Inc. is headquartered in Clinton, New Jersey, with approximately $2.9 billion in assets and $2.3 billion in deposits [6] - The company provides financial services through a robust branch network across several counties in New Jersey and Pennsylvania [6]

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